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Bhairavi Iyer
Asked: 2022-11-11T22:33:34+05:30 In:

Malik lent Rs. 1000 for 2 years, Rs. 1350 for 5 years , Rs. 1450 for 7 years and Rs. 1500 for 8 years at same rate of interest. He received Rs. 2472 as total simple interest, calculate rate of interest per annum.
1. 4%
2. 8%
3. 6%
4. 5%

Malik lent Rs. 1000 for 2 years, Rs. 1350 for 5 years , Rs. 1450 for 7 years and Rs. 1500 for 8 years at same rate of interest. He received Rs. 2472 as total simple interest, calculate rate of interest per annum.
1. 4%
2. 8%
3. 6%
4. 5%
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1 Answer

  1. Correct Answer – Option 2 : 8%

    Given:

    P1 = Rs. 1000, N1 = 2 Years

    P2 = Rs. 1350, N2 = 5 Years

    P3 = Rs. 1450, N3 = 7 Years

    P4 = Rs. 1500, N4 = 8 Years

    Formula used:

    I = PRN / 100

    Where P = Principal amount, R = Rate of interest in %, N = Number of years, I = Interest earned

    Calculation:

    Here Total Interest = (P1R1N1 / 100) + (P2R2N2 / 100) + (P3R3N3 / 100) + (P4R4N4 / 100)

    ⇒ (1000 × 2 × R/100) + (1350 × 5 × R / 100) + (1450 × 7 × R / 100) + (1500 × 8 × R / 100) = 2472

    ⇒ 20R + 67.5R + 101.5R + 120R = 2472

    ⇒ 309R = 2472

    ⇒ R = 8

    ∴ The interest is 8% per annum.

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